§ 1501. Disposition of assets not requiring member approval Unless the articles of organization otherwise provide, member approval under section 1502 of this title is not required for a mutual benefit enterprise to: (1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the enterprise in the usual […]
§ 1502. Member approval of other disposition of assets A sale, lease, exchange, license, or other disposition of assets of a mutual benefit enterprise, other than a disposition described in section 1501 of this title, requires approval of the enterprise’s members under sections 1503 and 1504 of this title if the disposition leaves the enterprise […]
§ 1503. Notice and action on disposition of assets For a mutual benefit enterprise to dispose of assets under section 1502 of this title: (1) a majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and (2) the board of directors shall call […]
§ 1504. Disposition of assets (a) Subject to subsection (b) of this section, a disposition of assets under section 1502 of this title shall be approved by: (1) at least two-thirds of the voting power of members present at a members’ meeting called under subdivision 1503(2) of this title; and (2) if the mutual benefit […]
